The deal, which was first reported by Terez A. Paylor of Yahoo Sports, will pay the 26-year-old Watkins a base salary of $9 million with an incentive package that can reach $16 million. Watkins, who signed a three-year, $48 million deal with the Chiefs in 2018, was reportedly set to make a base salary of $13.75 million in 2020.

Watkins seemingly confirmed his new deal Friday morning with the following tweet:

By reworking Watkins' deal, the Chiefs have freed up $5 million in cap space, per Paylor.

Watkins posted the third most receiving yards for the Chiefs during the 2019 regular-season campaign with 673, and his three touchdowns were the fifth most on the team. In the postseason, however, Watkins had more receiving yards (288) than any other Kansas City receiver.